Want to invest in government bonds? RBI's 6.94% GS 2036 auction opens on November 13: How to apply

The Reserve Bank of India (RBI) will auction the 6.94% Government of India Security 2036 on November 13, 2026. The government plans to raise ₹34,000 crore through the re-issue, with an option to accept an additional subscription of up to ₹2,000 crore.

Individual investors can participate through the non-competitive bidding facility on the RBI Retail Direct platform, with a minimum investment of ₹10,000 in face value.

What are the key details of the auction?

The 6.94% GS 2036 will mature on May 11, 2036. Since this is a re-issue, the auction will be price-based and follow the multiple-price method.

• Auction date: November 13, 2026

• Notified amount: ₹34,000 crore

• Additional subscription option: Up to ₹2,000 crore

• Minimum investment: ₹10,000 face value

• Maximum investment: ₹2 crore per investor per security per auction

• Non-competitive bidding window: 10:30 am to 11:00 am

• Settlement date: November 16, 2026

Can retail investors participate?

Unlike competitive bidders, retail investors do not have to quote a price or yield. They simply specify the face value they wish to purchase. Allotment takes place at the weighted average price emerging from successful competitive bids.

The RBI has provided for up to 5% of the notified amount to be allotted to eligible individuals and institutions under this facility. For this auction, that works out to ₹1,700 crore.

How to apply through RBI Retail Direct?

After opening the account, they can select the eligible security and submit their non-competitive bid during the specified window on November 13.

The minimum bid is ₹10,000 in face value, in multiples of ₹10,000 thereafter. The maximum bid is ₹2 crore per investor per security per auction.

The actual payment may differ from the face value because the RBI's calculation includes the indicative price, accrued interest and applicable markup.

Does the 6.94% coupon mean 6.94% returns?

Not necessarily. The 6.94% is the annual coupon rate, not the actual investment yield.

For a face value of ₹10,000, the annual coupon interest is ₹694, generally payable in two instalments of ₹347 each, on May 11 and November 11.

The actual yield depends on the auction price. Buying above face value generally reduces the effective yield, while buying below face value increases it.

What should investors consider?

Before participating, investors should consider the security's price, effective yield, maturity in 2036 and their liquidity requirements.